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Jon Elwell
Dud?


Joined: 13 Mar 2008
Posts: 8
Location: Florida oceanfront

HSBC closes wholesale???????
PostPosted: Tue Nov 18, 2008 5:35 pm Reply with quoteBack to top

Just heard the rumor.......

What have you heard?
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atlburning
Dyn-o-mite!


Joined: 06 Aug 2007
Posts: 303
Location: Atlanta

Re: HSBC closes wholesale???????
PostPosted: Tue Nov 18, 2008 5:49 pm Reply with quoteBack to top

That's a mighty big rock in the pond. Care to share any more info?

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Jon Elwell
Dud?


Joined: 13 Mar 2008
Posts: 8
Location: Florida oceanfront

Re: HSBC closes wholesale???????
PostPosted: Tue Nov 18, 2008 5:53 pm Reply with quoteBack to top

Got a call from someone that just got a call from a friend inside HSBC's processing center saying she is getting laid off, they are closing wholesale and the notice hasn't gone out yet........
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TheBoardofDirectors
Flash in the pan


Joined: 25 Jul 2007
Posts: 80

Re: HSBC closes wholesale???????
PostPosted: Tue Nov 18, 2008 6:08 pm Reply with quoteBack to top

It's true. Finished with wholesale lending. Retail only from here on out.

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atlburning
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Joined: 06 Aug 2007
Posts: 303
Location: Atlanta

Re: HSBC closes wholesale???????
PostPosted: Tue Nov 18, 2008 6:30 pm Reply with quoteBack to top

I just heard from me AE. They are out but will honor the pipeline.

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oldschoolmortgage
Dud?


Joined: 21 May 2008
Posts: 22

question
PostPosted: Tue Nov 18, 2008 6:35 pm Reply with quoteBack to top

anybody heard about there corrospondent division? Still open for business?
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mtgmaker
Flash in the pan


Joined: 15 May 2007
Posts: 40
Location: Arizona

Re: HSBC closes wholesale???????
PostPosted: Tue Nov 18, 2008 6:38 pm Reply with quoteBack to top

Confirmed - I just received this email from HSBC...


Senior Management Announcement
Channel: Wholesale
We wish to advise you that unprecedented market conditions have made it necessary for HSBC
Mortgage Corporation (USA) to cease Wholesale/Correspondent origination operations effective
immediately. HSBC Mortgage Corporation (USA) will continue to process any loans that are
registered as of November 18, 2008. Floating loans registered as of November 18th, 2008 must
be locked by December 2, 2008. All loans will have until January 20, 2009 to fund. There will be
no fundings after January 21, 2009.
HSBC Mortgage Corporation (USA) truly appreciates the business and support of our brokers
over the years. We are, of course, committed to communicating all pertinent information to
our brokers in a clear and timely manner and will conduct this process with respect and care for
all concerned.
On behalf of HSBC Mortgage Corporation (USA) we would like to thank you for the relationship
we have enjoyed with you in the past and wish you the best for the future.
Issued by HSBC Mortgage Corporation (USA) ©HSBC Mortgage Corporation (USA) 2008
This announcement is intended for INTERNAL USE ONLY.
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Rotag
Wrecking crew


Joined: 01 Nov 2007
Posts: 1722

Re: HSBC closes wholesale???????
PostPosted: Tue Nov 18, 2008 6:42 pm Reply with quoteBack to top

mtgmaker wrote:
Issued by HSBC Mortgage Corporation (USA) ©HSBC Mortgage Corporation (USA) 2008
This announcement is intended for INTERNAL USE ONLY.



So much for that. Laughing

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Alexius12
Cherry Bomb


Joined: 15 Jul 2008
Posts: 188
Location: St Thomas

Re: HSBC closes wholesale???????
PostPosted: Tue Nov 18, 2008 6:43 pm Reply with quoteBack to top

mtgmaker wrote:
Confirmed - I just received this email from HSBC...


Senior Management Announcement
Channel: Wholesale
We wish to advise you that unprecedented market conditions have made it necessary for HSBC
Mortgage Corporation (USA) to cease Wholesale/Correspondent origination operations effective
immediately. HSBC Mortgage Corporation (USA) will continue to process any loans that are
registered as of November 18, 2008. Floating loans registered as of November 18th, 2008 must
be locked by December 2, 2008. All loans will have until January 20, 2009 to fund. There will be
no fundings after January 21, 2009.
HSBC Mortgage Corporation (USA) truly appreciates the business and support of our brokers
over the years. We are, of course, committed to communicating all pertinent information to
our brokers in a clear and timely manner and will conduct this process with respect and care for
all concerned.
On behalf of HSBC Mortgage Corporation (USA) we would like to thank you for the relationship
we have enjoyed with you in the past and wish you the best for the future.
Issued by HSBC Mortgage Corporation (USA) ©HSBC Mortgage Corporation (USA) 2008
This announcement is intended for INTERNAL USE ONLY.


Yeap, got it too myself....

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rlynden
Dud?


Joined: 05 Nov 2008
Posts: 8

Re: question
PostPosted: Tue Nov 18, 2008 6:52 pm Reply with quoteBack to top

oldschoolmortgage wrote:
anybody heard about there corrospondent division? Still open for business?


for HSBC
Mortgage Corporation (USA) to cease Wholesale/Correspondent origination operations effective
immediately.
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